Shares of Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $12.52 and traded as high as $12.99. Provident Bancorp shares last traded at $12.91, with a volume of 36,455 shares trading hands.
Analysts Set New Price Targets
Separately, Stephens cut their price objective on shares of Provident Bancorp from $13.00 to $12.50 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $12.50.
Get Our Latest Stock Analysis on PVBC
Provident Bancorp Trading Down 0.3%
The company has a market capitalization of $228.83 million, a PE ratio of 20.43 and a beta of 0.34. The firm's 50 day moving average is $12.56 and its 200 day moving average is $11.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.11 and a quick ratio of 1.11.
Provident Bancorp (NASDAQ:PVBC - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.56%. The business had revenue of $15.76 million for the quarter, compared to analysts' expectations of $15.00 million. As a group, equities analysts predict that Provident Bancorp, Inc. will post 0.43 EPS for the current year.
Hedge Funds Weigh In On Provident Bancorp
Hedge funds have recently bought and sold shares of the company. Traub Capital Management LLC bought a new position in Provident Bancorp in the 2nd quarter worth about $62,000. Tower Research Capital LLC TRC raised its position in Provident Bancorp by 400.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,143 shares of the bank's stock worth $64,000 after buying an additional 4,116 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Provident Bancorp in the 4th quarter worth about $62,000. Strs Ohio purchased a new position in Provident Bancorp in the 1st quarter worth about $80,000. Finally, Wells Fargo & Company MN raised its position in Provident Bancorp by 23.8% in the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank's stock worth $108,000 after buying an additional 1,824 shares during the last quarter. Institutional investors own 74.61% of the company's stock.
About Provident Bancorp
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Provident Bancorp, Inc is a Maryland corporation that was formed in 2019 to be the successor corporation to Provident Bancorp, Inc, a Massachusetts corporation, and the holding company for The Provident Bank. The Provident Bank, a subsidiary of Provident Bancorp, Inc is an innovative, commercial bank that finds solutions for its business and private clients.
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